Exit Planning Techniques By Market
Selling a Funeral Flowers Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the funeral flowers business industry has seen more than its share of fluctuations in business values. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a funeral flowers business during challenging economic times.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a funeral flowers business.
There is no simple way to sell a business. But the most prepared funeral flowers business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Preparing Your Employees
Business sellers walk a fine line when it comes to preparing their employees for a sale. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the funeral flowers business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Sale Costs
In a funeral flowers business sale, pricing is based on a number of factors, including the costs incurred during the sale. Hiring a broker is a mixed bag because although brokers can increase the sale price, they also take a 10% fee. Depending on your circumstances, you may also incur substantial expenses in hiring legal, appraisal and accounting professionals. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Preparing for What's Next
The decision to sell your funeral flowers business can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
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